Essay: The Accounting Practices

Sample Essay

The accounting practices and their relationship with regulations are dependent on the level of enforcement of these regulations in a country (Saudagaran, 2009). The accounting practices and process of financial reporting in American companies are regulated by the Securities and Exchange Commission – SEC which enforces accounting standards on a very stringent basis especially after corporate scandals of major companies like Enron and WorldCom.

The business environment of United States is regulated by SEC in close coordination with the FASB. The regulatory system in any country is dependent on the authority and power of regulatory bodies in that country. The regulatory frameworks in other parts of the world are usually established and controlled by their respective exchange commissions or accounting oversight boards. Although differences exist in accounting practices and regulatory framework, international regulatory bodies are calling for a universal set of standards and regulations to eliminate complexities especially in wake of the financial crisis which started in 2008 (Tarca, 2004).

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